The NYSE will temporarily close its historic trading
floor March 23rd in response to positive coronavirus tests. It will move
fully to electronic trading.
So what does this really mean? Is it the next step before the final crash?!
closing of the exchange floor is almost
meaningless since, at his point, “the floor” is
symbolic; conducting only a tiny fraction of actual exchange activity.
Almost all trading is done electronically. It means something to media outlets,
because it’s a great place with much traditional significance from which to
broadcast. Lois once did an interview from the rafters of the floor where the
media outlets broadcast and it was really, really cool to be there with her for
this reason! People really like to see the action since “the
market'” is all reflected in this venue. Even though it dazzles us with
all the boards and visuals, almost nothing is actually being done by floor
traders there anymore.
~David Maurice CFP® CIO & VP
WorthWhile Wealth Council